The 73-paisa gain on Wednesday tossed the rupee to its highest level during the current fiscal year against the US dollar at Rs157.12 in the interbank market.
Pakistan could raise GDP by as much as 30 percent if it can close the gender gap, ADB Country Director for Pakistan Xiaohong Yang said while expressing support to women’s economic empowerment, quality opportunities for social advancement, and resilience to external shocks.
Profit rates on different National Savings Scheme (NSS) certificates were raised by up to 43 basis points from Wednesday by the Central Directorate of National Savings. Profit rates on defence savings certificates increased to 9.51 percent from 9.42 percent. Rates of return on special savings certificates were raised from 7.97 percent to 8.4 percent, according to the finance division.
KASB Market View
During Thursday’s session, the benchmark KSE-100 index rose nearly 200 points and crossed the 46,000-point mark. We expect the investors to remain shy at the outcome of Senate elections as PDM’s Yousaf Raza Gilani defeats PTI’s Hafeez Shaikh. Reduced number of PTI legislator could make it difficult for PTI to enact reforms required by multilateral lenders, in our view.
National News
Rupee hits highest level against dollar in FY21
The 73-paisa gain on Wednesday tossed the rupee to its highest level during the current fiscal year against the US dollar at Rs157.12 in the interbank market.
https://www.dawn.com/news/1610555/rupee-hits-highest-level-against-dollar-in-fy21
Closing gender gap to boost Pakistan’s GDP by 30pc: ADB
Pakistan could raise GDP by as much as 30 percent if it can close the gender gap, ADB Country Director for Pakistan Xiaohong Yang said while expressing support to women’s economic empowerment, quality opportunities for social advancement, and resilience to external shocks.
https://www.thenews.com.pk/print/798641-closing-gender-gap-to-boost-pakistan-s-gdp-by-30pc-adb
NSS rates raised by up to 43bps
Profit rates on different National Savings Scheme (NSS) certificates were raised by up to 43 basis points from Wednesday by the Central Directorate of National Savings. Profit rates on defence savings certificates increased to 9.51 percent from 9.42 percent. Rates of return on special savings certificates were raised from 7.97 percent to 8.4 percent, according to the finance division.
https://www.thenews.com.pk/print/798640-nss-rates-raised-by-up-to-43bps
Rs84.3bln borrowed through PIBs
The government on Wednesday raised Rs84.301 billion through an auction of fixed rate Pakistan Investment Bonds (PIBs) with yields increasing on shorter and longer tenors papers. The fetched amount was lower than the pre-auction target of Rs125 billion, the auction result issued by the central bank showed.
https://www.thenews.com.pk/print/798649-rs84-3bln-borrowed-through-pibs
Govt-IPPs deals
National Electric Power Regulatory Authority (Nepra) on Wednesday quizzed the government as to why the dollar rate was kept at Rs 148 rather than any other rate while negotiating new deals with the Independent Power Producers (IPPs).
https://epaper.brecorder.com/2021/03/04/1-page/872082-news.html
K-Electric to add 450 MW by May 21
The first 450 MW unit of RLNG-based BQPS-III project is scheduled to come online by May 2021 which would help improve K-Electric’s generation fleet efficiency from 38% in FY 2020 to 48% in FY 2023.
https://www.brecorder.com/news/40069874/k-electric-to-add-450-mw-by-may-21
SBP approves Rs5bn Samba Bank TFCs issue
The State Bank of Pakistan (SBP) had granted its final approval to the Samba Bank Limited for issuance of Rated, Privately Placed, Unsecured and Subordinated Term Finance Certificates (TFCs) of Rs 5,000 million.
https://epaper.brecorder.com/2021/03/04/12-page/872159-news.html
Trade deficit widens by 10.64pc in 8MFY21
Pakistan’s trade deficit posted double-digit growth as it widened by 10.64 per cent to $17.54 billion in the eight months of 2020-21 (8MFY21) from $15.85bn over the corresponding period last year, Pakistan Bureau of Statistics (PBS) data showed on Wednesday.
https://www.dawn.com/news/1610558/trade-deficit-widens-by-1064pc-in-8mfy21
Cotton production registers woeful 34.18pc fall YoY
The cotton production in the country witnessed an alarming decline of 34.18 percent shortfall as compared to corresponding period of 2020 when arrivals comprised over 8.5 million bales.
https://epaper.brecorder.com/2021/03/04/1-page/872092-news.html
SECP to revisit proposal for cut in dividend payment time
The Securities and Exchange Commission of Pakistan (SECP) on Wednesday agreed to review the proposed amendment to the Companies (Distribution of Dividends) Regulations 2017, which requires cash dividend payment in three working days from the date of its approval by the general meeting of the company’s shareholders in case of final dividend and its board in case of interim dividend.
https://www.dawn.com/news/1610556/secp-to-revisit-proposal-for-cut-in-dividend-payment-time
PM decides to seek fresh vote of confidence
The ruling Pakistan Tehreek-e-Insaf (PTI), on Wednesday, announced that Prime Minister Imran Khan would seek a fresh vote of confidence from the National Assembly, following the upset defeat of his candidate from the federal capital, Abdul Hafeez Shaikh against the joint candidate of the Pakistan Democratic Movement (PDM) Syed Yusuf Raza Gilani.
https://epaper.brecorder.com/2021/03/04/1-page/872088-news.html
Exchange Traded Fund
-Word of the Day-
An exchange traded fund (ETF) is a type of security that tracks an index, sector, commodity, or other asset, but which can be purchased or sold on a stock exchange the same as a regular stock. An ETF can be structured to track anything from the price of an individual commodity to a large and diverse collection of securities.
